Without naming China, foreign minister S Jaishankar slams opaque lending practices, BRI

NEW DELHI: Addressing the 6th Indian Ocean Conference in Dhaka, foreign minister S Jaishankar underlined concerns in the region about unsustainable debt generated by unviable projects. Without naming China, he said there are lessons from the last two decades that "we ignore at our peril".
He also reiterated the need to respect sovereignty and territorial integrity while pursuing connectivity initiatives and that when nations disregard their legal obligations or violate longstanding agreements, the damage to trust and confidence is immense.
"If we encourage opaque lending practices, exorbitant ventures and price points that are unrelated to the market, these are bound to bite us back, sooner rather than later," he said. "Many of us in the region are today confronting the consequences of our past choices. This is time to reflect and reform, not one to repeat and reiterate," he added.
The importance of adhering to the law, observing norms and respecting rules is a natural convergence point, he said, adding that it is not possible to build a stable international order without these prerequisites. "This is especially so in a continent that has seen so much growth and so much change," he said.
India has maintained that China's violations of bilateral agreements for border peace has led to a dangerous situation at the LAC in eastern Ladakh.